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Partnerships in the pharmaceutical industry help gaining access to innovative drugs and allow companies to enter foreign markets more easily than by any other activity. One of the main reasons pharmaceutical companies are looking for potential partners is to gain faster, easier and cost-effective access to new manufacturing technologies.
Thus, local regulations and high market entry costs make it more challenging for small and mid-sized companies to expand into international markets by their own means. For this reason, pharmaceutical companies seek out local partners as an economical and practical strategy of setting up base in foreign countries. Further, there are high costs for drugs approval. Companies have to consider the high-pitched failure rates into their investment risk.
Another reason for pharmaceutical companies to be partnering with each other rapidly is the adoption of Artificial Intelligence in R&D. Over the next decade, patients can expect these developments to have a significant impact on treatments. Thus, the partnerships among the healthcare and tech sector and scalable business models will increase the rate of drug discovery and product introductions.
Click here and learn more about AI in the Pharma Industry.